Waterway industries signed a three-month, zero-interest-bearing note on november 1, 2020 for the purchase of $499900 of inventory. the face value of the note was $512500. waterway used a "discount of note payable" account to initially record the note. assuming that the discount will be amortized equally over the 3-month period and that there was no adjusting entry made for november, the adjusting entry made at december 31, 2020 will include a
a. debit to discount on note payable for $1,300.

b. debit to interest expense for $2,600.

c. credit to discount on note payable for $1,300.

d. credit to interest expense for $2,600.

Pursuant to the video, if the news reporter had challenged the reasonableness of her detention by the coach store, coach could have claimed the which is also known as merchant protection statutes according to the book.

On january 1, 2018, red flash photography had the following balances: cash, $19,000; supplies, $8,700; land, $67,000; deferred revenue, $5,700; common stock $57,000; and retained earnings, $32,000. during 2018, the company had the following transactions: 1. february 15 issue additional shares of common stock, $27,000. 2. may 20 provide services to customers for cash, $42,000, and on account, $37,000. 3. august 31 pay salaries to employees for work in 2018, $30,000. 4. october 1 purchase rental space for one year, $19,000. 5. november 17 purchase supplies on account, $29,000. 6. december 30 pay dividends, $2,700. the following information is available on december 31, 2018: 1. employees are owed an additional $4,700 in salaries. 2. three months of the rental space has expired. 3. supplies of $5,700 remain on hand. 4. all of the services associated with the beginning deferred revenue have been performed. required: 1. record the transactions that occurred during the year.2. record the adjusting entries at the end of the year.3. prepare an adjusted trial balance.4. prepare an income statement, statement of stockholders’ equity, and classified balance sheet.5. prepare closing entries.

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